Blockchain startup Jupiter Chain collaborates with Deloitte Southeast Asia

26 September 2018 Authored by Consultancy.asia

Jupiter Chain, a Singapore-based startup that designs and builds data exchanges on blockchain technology, has agreed a collaboration with Big Four firm Deloitte Southeast Asia.

“We look forward to work with a globally renowned and respected brand such as Deloitte to elevate our platform solution. I strongly believe that this strategic relationship will fuel the development of not only Jupiter Chain but the adoption of blockchain technology on a wider scale,” said Daphne Ng, CEO of Jupiter Chain.

Daphne Ng established the start-up in early 2018 with co-founders Ernie Teo and Tan Ze Chong. The trio have the ambition to transform the way data is stored and shared between companies, allowing participants to improve the manner they monetise data or use data for strategic decision-making – leveraging insights from a broader ecosystem. At the heart of the approach stands the technology behind blockchain and the more well-known Bitcoin; distributed ledger technology (DLT). Industries where the programme is touted to add the most value include financials services, B2C retail, logistics and pharmaceuticals.

Further, “our platform will allow exchanges to happen securely, protecting the privacy of the individual’s personal information,” said Ng. The increased opportunity for consumers comes against a backdrop of growing data-hunger by large corporates, with tech giants such as Facebook and Google building entire business models on commercialising consumer data. Search engine giant Google for instance knows where people have been, everything they’ve ever searched – and deleted – all contacts, and photos taken on Android smartphones and YouTube videos watched. According to one estimate, the size of an average advertisement profile is 5.5GB per person. Ng: “With our blockchain-based data exchange technology, data owners will have greater control over their data, gain better access to tailored services.”Blockchain startup Jupiter Chain partners with Deloitte Southeast AsiaUnder the agreement with Deloitte, one of the globe’s largest professional services firms, Jupiter Chain will be able to tap the expertise of the firm’s risk management solutions and technology. Consultants and technology experts from the Big Four firm will advise the startup on relevant regulations such as data laws and potential GDPR considerations for the data exchange model envisioned by Jupiter Chain, and on the technical front, they review Jupiter Chain’s blockchain architecture, design and processes.

At Deloitte’s end, the partnership with the blockchain pioneer will be led by the firm’s Southeast Asia practice. The wing comprises approximately 330 partners and 8,000 professionals operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Eden Spivakovsky, a Director at Deloitte in Singapore, who leads the relationship for Deloitte Southeast Asia, said; “We view blockchain as an important enabler with the potential to exponentially change the way markets operate. We are excited to team with Jupiter Chain and together build blockchain capabilities and solve complex business problems for companies in the region.”

International network

In their endeavours, Jupiter Chain and Deloitte Southeast Asia will be granted access to the Big Four’s global blockchain network, which encompasses well over a thousand experts, mainly based in North America, Europe and Australia. The firm is investing heavily in the technology, and opened several dedicated centres to lead the its research and expertise in the field – internally known as BlockCenter, which stands for ‘Blockchain Center of Expertise’. In 2016, Deloitte launched an EMEA Financial Services Blockchain Lab in Europe for instance (based in Dublin), and since then the firm’s member organisations in the UK, France and more recently the Netherlands have all opened up similar centres.

Deloitte is also at the forefront of blockchain research. One of its recent surveys showed that 74% of large companies are showing interest in distributed ledger technology. According to a study by rival Accenture meanwhile, blockchain technology is set to in particular benefit the financial services industry in the coming years, both in the area of payments and data management, as well as client onboarding and security.

Deloitte recently merged its operations across the Asia Pacific – China, Japan, Southeast Asia, Australia and New Zealand – into a single business unit, Deloitte Asia Pacific. Globally the accounting and consulting firm has 286,000 employees, generating revenues of $43.2 billion, up 11% on the previous year.

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